Global Economy
Morocco's Budget Deficit Soars to 50.5 Billion Dirhams by September 2025
Morocco's public finances recorded a significant widening of the budget deficit, reaching 50.5 billion dirhams (MMDH) by the end of September 2025, a substantial increase from 26.6 MMDH in the same period last year. This surge is attributed to a robust rise in ordinary revenues, which climbed 17.4% to 310.7 MMDH, driven by higher direct taxes, customs duties, and non-fiscal income. However, ordinary expenditures also saw a considerable increase of 18.9%, with notable rises in goods and services, debt interest charges, and compensation expenses, outpacing revenue growth. Despite the widening overall deficit, the ordinary balance remained positive at 30.494 MMDH, slightly up from 29.060 MMDH a year prior. The report from the Trésorerie Générale du Royaume (TGR) highlights the dynamic shifts in both revenue collection and government spending, indicating ongoing fiscal pressures that led to the substantial increase in the treasury deficit.
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Rabat, Morocco – The Moroccan Treasury General (TGR) has reported a significant widening of the country's budget deficit, which reached 50.5 billion dirhams (MMDH) by the end of September 2025. This figure marks a substantial increase compared to the 26.6 MMDH deficit recorded during the same period in the previous year.
According to the TGR's latest monthly bulletin on public finance statistics, this deficit incorporates a negative balance of 2.8 MMDH from Special Treasury Accounts (CST) and autonomously managed state services (SEGMA).
Strong Growth in Ordinary Revenues
Ordinary revenues demonstrated robust growth, totaling 310.7 MMDH by September 2025, up from 264.8 MMDH a year earlier. This represents a significant increase of 17.4%, or 45.9 MMDH, attributed to several key areas:
- Direct taxes surged by 25.1%.
- Customs duties saw an increase of 4.2%.
- Indirect taxes rose by 10.2%.
- Registration and stamp duties grew by 8.1%.
- Non-fiscal revenues experienced a substantial boost of 23.4%.
Expenditures Outpace Revenue Growth
Despite the strong revenue performance, ordinary expenditures registered an even higher overall increase of 18.9%. This was driven by:
- A 18.8% rise in spending on goods and services.
- An increase of 13.2% in debt interest charges.
- A significant 35.9% hike in tax refunds, deductions, and restitutions.
- Compensation expenditure emissions increased by 24.2%.
Positive Ordinary Balance Maintained
Based on collected revenues and issued expenditures, the ordinary balance at the end of September 2025 remained positive, standing at 30.494 billion dirhams. This represents a slight improvement from the positive balance of 29.060 billion dirhams recorded in the previous year.
Commitments and General Budget Performance
Total expenditure commitments, including those not subject to prior engagement approval, amounted to 620.1 MMDH by the end of September 2025. This reflects an overall commitment rate of 64%, down from 67% in September 2024. The emission rate on commitments, however, increased to 88% from 85% a year prior.
Expenditures issued under the general budget reached 396 MMDH by September 2025, marking a 9.1% increase compared to September 2024. This rise was primarily due to a 19.8% increase in operational expenses and a 7.2% increase in investment expenses, despite a 14.3% decrease in budgeted debt charges.
Special Treasury Accounts and Autonomous State Services
Revenues from Special Treasury Accounts (CST) reached 141.8 MMDH. These revenues include 21.5 MMDH received from common investment charges of the general budget, a decrease from 22.6 MMDH in September 2024. Total expenditures issued for CST amounted to 145.8 MMDH, incorporating 4.5 MMDH for tax refunds, deductions, and restitutions. Consequently, the overall balance for CST was a negative 4 MMDH.
For Autonomously Managed State Services (SEGMA), revenues saw a 30% increase, reaching 2.363 MMDH from 1.817 MMDH in September 2024. Expenditures for SEGMA also rose by 9.8%, totaling 1.156 MMDH by the end of September 2025, compared to 1.053 MMDH a year earlier.